write-off

Vocabulary Word

Definition

The term 'write-off' refers to reducing the value of an asset to zero often because it is deemed unprofitable or non-recoverable. Also, it may mean to disregard or dismiss someone or something as insignificant.

Examples in Different Contexts

A CEO might explain that due to a significant number of uncollectable accounts receivable, the company had to 'write-off' these bad debts to reflect a more accurate financial status.

Practice Scenarios

Business

Scenario:

The machinery, which was once our main production resource, is now obsolete and inefficient.

Response:

It would be wise to write off the old machinery and invest in new, advanced equipment.

Tech

Scenario:

Despite our best efforts, this project is running into errors that we can't seem to resolve. The cost to repair surpasses the worth of the project.

Response:

Agreed. We should write this project off, learn from it, and focus on future work with better prospects.